48 hour Business Validation for Innovators

Business Validation Mastery: 3 Steps in 48 Hours

1 - Hypothesis (3h)

• Key observable traits and top priorities/challenges related to your topic area

• Current solutions and their limitations, along with the requirements for achieving desired benefits.

• Preferred channels for finding solutions to these challenges.

• Craft a one-page value prop, use case, offer, and (optionally) ad copy based on your persona doc.

• Select a format enabling you to iterate quickly: slide deck, document, or simple landing page.

2 - Test (30m each)

• Recruit: Ultimately, learning speed trumps perfect attribute fit. Prioritize and immediately contact friends and acquaintances available to do a quick catch-up call. However, include your ultimate target market in your outreach. A diverse portfolio of contacts will enhance your chances of finding the right fit while still allowing for rapid iteration.

• Test: ask questions refining your persona and share your call to action after your copy & demo. Consider revising copy in real-time to see if impacts conversion. To increase learning speed, simultaneously test your copy with other easy channels, such as ad traffic and social media.

• Pro tip: To get candid feedback, it’s important to design your conversation thoughtfully, using techniques such as:
• Asking for commitment (eg: actual payment, referrals, or letters of intent) over mere expressions of interest (eg: “this sounds cool”)
• Preface with requests for brutal honesty and demonstrate your ability to receive it in the conversation without defensiveness
• Use 1-5 scales and prompts around what would be exceptional (beyond “5/5” to “10/5”)
 

3 - Iterate (30m each)

• Aggregate and analyze the top pieces of feedback

• Refine your copy based on top pieces of feedback and until a high percentage of your ideal target converts

• Balance feasibility and cost against conversion potential. Don't offer everything your target audience says they want. Instead, focus on what's most important to them and why, coming up with solutions to solve them cost-effectively, ensuring your idea remains financially viable.